The Bankers' Clearing House has reported that the total amount
of the bills and cheques passing through the banks last year was E28,415,382,000—a fabulous sum which exceeds by over seven thousand millions the total for 1918, and which is nearly twelve thousand millions larger than the total for 1913. The effect of-an inflated currency and war prices is well illustrated in these figures. The detailed returns show that the increase over previous years grew larger with each successive quarter. Similarly, the new capital issues for 1919 amounted to over £237,000,000—nearly as much nominally, though not in actual value, as the total for 1913—and the monthly totals tended to increase steadily. We may safely infer from these figures that the general trade of the country has steadily improved, despite all the alarms and excursions, and that, with peace at home as well as abroad, we are in a fair way to recovery.
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